PATH Form 4: Dines Executes 10b5-1 Sale of 122,733 Shares

Rhea-AI Filing Summary

UiPath insider sale under 10b5-1 plan. Director and CEO Daniel Dines sold 122,733 shares of Class A common stock on 09/22/2025 under a Rule 10b5-1 plan at prices ranging from $12.03 to $12.355 per share. After the reported transactions the filing discloses beneficial ownership of 2,209,201 shares held indirectly through Ice Vulcan Holding Limited, and notes additional positions referenced in the table. The filing states Mr. Dines is the sole shareholder of IceVulcan Investments Ltd. and retains sole voting and investment power over shares held by Ice Vulcan Holding Limited.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating the sale was pre-authorized and not an ad hoc insider trade
• Reporting person retains substantial indirect ownership via Ice Vulcan Holding Limited with sole voting and investment power

Negative

• Insider sold 122,733 shares, which may attract investor attention despite plan-based execution
• Filing omits total proceeds from the sale (price range provided but not per-price quantities in the Form)

Insights

Corporate Governance Expert

TL;DR: A preplanned 10b5-1 sale occurred; ownership remains substantial via indirect holdings.

The Form 4 reports a planned sale executed under a 10b5-1 program, which indicates the transactions were pre-authorized rather than opportunistic trades. The filing clearly documents indirect beneficial ownership held through Ice Vulcan Holding Limited and describes Mr. Dines as the ultimate sole shareholder and controller of that entity. For governance review, the material points are the use of an affirmative defense plan and the retention of voting and investment power, both of which affect assessments of alignment between management and shareholders.

Securities Analyst

TL;DR: Sale size is modest relative to disclosed indirect holdings; price range is provided.

The reported sale of 122,733 shares at a weighted range of $12.0300 to $12.3550 is documented and the filer offers to disclose detailed per-price quantities upon request. The Form 4 does not provide proceeds total or motive beyond the 10b5-1 statement. From a market-impact perspective, the transaction is explicitly preplanned and the filer continues to hold a large indirect stake, which mitigates concerns about a departure from ownership alignment but does not eliminate investor attention to ongoing insider activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dines Daniel

(Last) (First) (Middle)

C/O UIPATH, INC., ONE VANDERBILT AVENUE

60TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UiPath, Inc. [ PATH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/22/2025		S		122,733(1)	D	$12.1966(2)	2,209,201	I	See Footnote(3)
Class A Common Stock								29,918,585	D
Class A Common Stock								240,000	I	by Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were sold in compliance with a qualified selling plan adopted by the Reporting Person pursuant to Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended.

2. The range of prices for the transactions reported was from $12.0300 to $12.3550. The Reporting Person will provide, upon request by the Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares purchased or sold at each separate price.

3. The shares are held by Ice Vulcan Holding Limited. IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited, and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd. Mr. Dines retains sole voting and investment power with respect to the shares of Class A Common Stock and Class B Common Stock held by Ice Vulcan Holding Limited.

Remarks:

	/s/ Brad Brubaker, Attorney-in-Fact	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did UiPath (PATH) insider Daniel Dines sell on 09/22/2025?

The Form 4 reports 122,733 shares of Class A common stock sold on 09/22/2025 under a Rule 10b5-1 plan.

At what price were the PATH shares sold by Daniel Dines?

The filing states the sales occurred at prices in the range of $12.0300 to $12.3550 per share.

Does Daniel Dines still hold UiPath shares after the sale?

Yes. The Form 4 discloses 2,209,201 shares beneficially owned indirectly through Ice Vulcan Holding Limited, and other positions are referenced in the table.

Was the sale part of a prearranged plan?

Yes. The filing explains the shares were sold in compliance with a qualified selling plan pursuant to Rule 10b5-1.

Who controls the indirect holdings reported in the Form 4?

The filing states IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd., retaining sole voting and investment power.